Excerpt: In an appearance marking his return to the public eye, Richard Fuld Jr. insisted he doesn't want to play "woulda, coulda, shoulda" about the collapse
of Lehman Brothers Holdings Inc.

But the former chief executive, speaking Thursday to a crowd of more than 1,500 people at the Grand Hyatt hotel in Midtown Manhattan, was unrepentant about
his late firm's culture and its role in the financial crisis, largely placing the blame instead on misguided government and central-bank policy and
irresponsible borrowers. At times jocular and reflective, the 69-year-old also flashed his combative side.

As the keynote lunch speaker at the 2015 Marcum MicroCap Conference in New York, Mr. Fuld spoke before a sympathetic crowd. His remarks, keenly awaited
on Wall Street, were broadcast live for several minutes on CNBC.

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